Key Takeaways
- U.S. bank PNC set to offer crypto services
- Bank rumored to have partnered with Coinbase
- PNC joins JPMorgan in offering crypto-related services
Reports from the U.S. say that PNC is currently collaborating with crypto giant Coinbase on a crypto project. It is understood that the service will provide the bank with easy access to crypto investment products for its customers.
PNC has been non-commital to cryptocurrencies, but with other top banks in the U.S. delving into crypto-assets, the bank does not want to be left behind. The report noted that PNC could unveil its novel crypto services in the coming months.
It also added that the development is part of the bank’s new approach towards crypto assets and blockchain technology. If the claims prove to be through, PNC will become the biggest institutional partner of Coinbase and take a significant stake in the fast-growing crypto industry.
Another report also stated that PNC had already begun looking towards a dedicated crypto service a few months ago with a job posting placed on its website. The position was a dedicated crypto product manager and stated that the person must understand cryptocurrencies and the blockchain space.
The bank also added that applicants must be ready to manage the operational and financial aspects of the new crypto initiatives. PNC is not the only institution that has shown its willingness to add crypto services.
Rival bank JPMorgan recently allowed high-net-worth clients to have exposure to cryptocurrencies. Reports had stated in July that account managers would be able to purchase cryptocurrencies for high-net individuals.
This development was a major one and showed that America’s leading bank is trailblazing crypto adoption in the financial sector. It is expected that more financial giants will reveal cryptocurrency-related services in the coming months.
What do you think about the growing institutional adoption globally?
